江海證券維持電子行業 "增持" 評級 AIPC助力 建議關注聯想、光大同創等
近日，江海證券發佈電子行業點評報告顯示，行業評級爲增持。預計國內 PC 出貨量隨着國補政策刺激以及AI PC新產品的不斷推出將有所增長，建議關注相關產業鏈公司聯想集團、光大同創、春秋電子等。
Canalys最新數據顯示，2025 年 Q1 中國大陸 PC 市場出貨量達 890 萬臺，同比增長 12%；平板市場增長更爲強勁，出貨 870 萬臺，同比增長 19%，增長原因爲政府補貼政策刺激消費市場的設備升級需求增加。2025 年 Q1 中國大陸 PC 細分市場來看，筆記本出貨量同比增長 20%，商用大型 PC 採購保持持平，而中小企業(SMB)市場出現溫和復甦，同比增長 2%。消費級 PC 增長較多主要原因爲政府補貼推動。
從 PC 市場格局來看，一季度本土品牌之間的競爭持續加劇，這反映出聯想、小米等本土品牌在消費PC領域的競爭力顯著增強。
如榮耀公佈了 AI PC 升級計劃，公佈的多項 AI 功能都將推送給老用戶，升級產品覆蓋了榮耀 MagicBook 與榮耀筆記本多款型號。其中，最新發布的 MagicBook Art 14 2025 搭載全新"一語智控"功能，通過語音指令，用戶可輕鬆完成應用下載、會議記錄、文檔生成與發送等操作。
聯想繼去年發佈首款AI PC個人智能體的基礎上，又率先提出"超級智能體"概念，標誌着公司在構建AI時代"智能雙胞胎"的實踐中邁出關鍵一步，隨着AI功能在PC端的加速滲透，聯想業績有望逐步提升，且AI功能也會被用於手機等其他終端市場，利好公司未來整體發展。
微星推出了EdgeXpert MS-C931 AI 超級計算機。EdgeXpert MS-C931 AI 超算主打 AI 功能，搭載 20 核 Arm 架構處理器和英偉達 Blackwell 架構顯卡。微星表示其本地AI 算力可達 1000TOPS，能夠支持參數規模高達 2000 億的大型語言模型(LLM)本地化運行。
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